Discounted Cash Flow (DCF) Analysis Unlevered
RocTool S.A. (ALROC.PA)
2.83 €
+0.05 (+1.80%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 8.45 | 7.21 | 7.66 | 6.71 | 8.24 | 8.28 | 8.31 | 8.35 | 8.39 | 8.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.64 | -2.21 | -1.70 | -1.79 | 0.07 | -1.43 | -1.44 | -1.44 | -1.45 | -1.46 |
| EBITDA (%) | ||||||||||
| EBIT | -1.48 | -2.60 | -2.61 | -2.56 | -0.65 | -2.21 | -2.22 | -2.23 | -2.25 | -2.26 |
| EBIT (%) | ||||||||||
| Depreciation | 0.84 | 0.39 | 0.91 | 0.78 | 0.72 | 0.78 | 0.79 | 0.79 | 0.80 | 0.80 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 1.94 | 3.87 | 0.62 | 1.54 | 2.21 | 2.23 | 2.24 | 2.25 | 2.26 | 2.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.94 | 1.03 | 1.06 | 0.79 | 0.65 | 0.97 | 0.98 | 0.98 | 0.99 | 0.99 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.33 | 1.27 | 1.44 | 1.18 | 1.12 | 1.38 | 1.38 | 1.39 | 1.40 | 1.40 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.10 | -1.33 | -0.61 | -0.41 | -0.35 | -0.82 | -0.83 | -0.83 | -0.83 | -0.84 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.83 |
|---|---|
| Beta | 0.559 |
| Diluted Shares Outstanding | 4.23 |
| Cost of Debt | |
| Tax Rate | 1.06 |
| After-tax Cost of Debt | 1.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.337 |
| Total Debt | 4.48 |
| Total Equity | 11.96 |
| Total Capital | 16.44 |
| Debt Weighting | 27.26 |
| Equity Weighting | 72.74 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 8.45 | 7.21 | 7.66 | 6.71 | 8.24 | 8.28 | 8.31 | 8.35 | 8.39 | 8.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.64 | -2.21 | -1.70 | -1.79 | 0.07 | -1.43 | -1.44 | -1.44 | -1.45 | -1.46 |
| EBIT | -1.48 | -2.60 | -2.61 | -2.56 | -0.65 | -2.21 | -2.22 | -2.23 | -2.25 | -2.26 |
| Tax Rate | 2.23% | 1.58% | -0.56% | -1.57% | 1.06% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| EBIAT | -1.45 | -2.56 | -2.62 | -2.60 | -0.65 | -2.20 | -2.21 | -2.22 | -2.23 | -2.24 |
| Depreciation | 0.84 | 0.39 | 0.91 | 0.78 | 0.72 | 0.78 | 0.79 | 0.79 | 0.80 | 0.80 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.09 | -0.03 | 0.27 | 0.13 | -0.32 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | -0.06 | 0.17 | -0.26 | -0.06 | 0.26 | 0.01 | 0.01 | 0.01 | 0.01 |
| Capital Expenditure | -1.10 | -1.33 | -0.61 | -0.41 | -0.35 | -0.82 | -0.83 | -0.83 | -0.83 | -0.84 |
| UFCF | -1.71 | -3.65 | -2.18 | -2.22 | -0.21 | -2.30 | -2.25 | -2.26 | -2.27 | -2.28 |
| WACC | ||||||||||
| PV UFCF | -2.19 | -2.04 | -1.95 | -1.87 | -1.79 | |||||
| SUM PV UFCF | -9.85 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.96 |
| Free cash flow (t + 1) | -2.33 |
| Terminal Value | -78.59 |
| Present Value of Terminal Value | -61.69 |
Intrinsic Value
| Enterprise Value | -71.54 |
|---|---|
| Net Debt | 2.52 |
| Equity Value | -74.06 |
| Shares Outstanding | 4.23 |
| Equity Value Per Share | -17.52 |